Inghams' 20% Drop
Inghams' 20% Drop
Inghams (ASX:ING), a major Australian chicken producer, experienced a significant share price drop on Friday despite reporting a substantial increase in full-year profits. While the reported results were slightly below market expectations, the market's reaction seemed excessive.
澳大利亞主要雞肉生產商英厄姆斯(ASX: ING)儘管報告全年利潤大幅增加,但週五股價大幅下跌。儘管公佈的業績略低於市場預期,但市場的反應似乎過度了。
The company reported a net profit after tax of $101.5 million, up 68% year-on-year. However, this was below market estimates of around $108.5 million. EBITDA increased by 12.6% to $471.1 million, driven by a 2.8% increase in poultry sales volumes and a 5.4% rise in net selling prices.
該公司報告的稅後淨利潤爲1.015億美元,同比增長68%。但是,這低於市場估計的約1.085億美元。受家禽銷售量增長2.8%和淨銷售價格上漲5.4%的推動,息稅折舊攤銷前利潤增長了12.6%,達到4.711億美元。
While the dividend of 20 cents per share was up from 14.5 cents last year, a reduction in the final dividend to 8 cents from 10 cents caused concern among investors and analysts.
儘管每股20美分的股息從去年的14.5美分上升,但末期股息從10美分降至8美分,引起了投資者和分析師的擔憂。
Inghams' outlook for poultry volumes was less optimistic, with growth expected to slow to a range of 1% to 3% in the coming year. This, combined with the company's attempts to explain the weaker outlook, raised questions. Given the current economic climate and consumers' focus on value, a decline in chicken sales was unexpected.
英厄姆斯對家禽產量的前景不那麼樂觀,預計來年增長將放緩至1%至3%之間。再加上該公司試圖解釋疲軟的前景,引發了人們的疑問。鑑於當前的經濟環境和消費者對價值的關注,雞肉銷售的下降是出乎意料的。
The estimated underlying EBITDA for FY25 of $236 million to $250 million represents a flat to 6% growth, significantly lower than the 12% growth achieved in the previous year. The company attributed this to a new supply agreement with Woolworths, which involves a phased reduction in annual volumes.
據估計,25財年的基礎息稅折舊攤銷前利潤爲2.36億美元至2.5億美元,增幅持平至6%,大大低於去年實現的12%的增長。該公司將其歸因於與伍爾沃斯簽訂的新供應協議,該協議涉及分階段減少年產量。
Inghams acknowledged that securing new business from other customers would be necessary to offset the impact of the Woolworths agreement. However, the company's guidance suggests that the overall impact of these changes will be significant.
英厄姆斯承認,爲了抵消伍爾沃斯協議的影響,必須從其他客戶那裏獲得新業務。但是,該公司的指導方針表明,這些變化的總體影響將是巨大的。
To mitigate the effects of inflation, Inghams is implementing cost-saving measures such as smarter procurement and operational improvements.
爲了減輕通貨膨脹的影響,英厄姆斯正在實施節省成本的措施,例如更明智的採購和運營改進。
While the company's CEO, Andrew Reeves, highlighted the positive factors supporting the poultry sector, the new supply agreement with Woolworths raises concerns about potential price gouging. It remains to be seen whether Woolworths will prioritise maintaining low chicken prices for consumers or maximizing its profit margins.
儘管該公司首席執行官安德魯·裏夫斯強調了支持家禽業的積極因素,但與伍爾沃斯簽訂的新供應協議引發了人們對潛在價格欺詐的擔憂。伍爾沃斯是否會優先爲消費者維持低雞肉價格或最大化其利潤率還有待觀察。